Citigroup is looking to cut 25 basis points off AMC Entertainment's term loan. It is currently about $645 million in size and the bank is looking to take pricing to about LIBOR plus 1 3/4% from about LIBOR plus 2%. The repricing launched Tuesday.
Financing was put into place in February 2006 to back the merger of AMC Theaters and Loews Cineplex, which was completed the month before (CIN, 2/6/2006). Two weeks ago the company announced it is redeeming all of its outstanding senior floating rate notes due 2010 and its 9% senior subordinated notes due 2012. Headquartered in Kansas City, Mo., AMC has over 382 theaters in 10 countries. A spokeswoman referred all questions to a filing with the Securities and Exchange Commission.